Hanover Square Redevelopment Underway; NAI Hiffman to Lease and Manage the Retail Center
Tobin Development and the Village of Hanover Park, the joint venture that owns Hanover Square, a retail center located at 6602-6772 Barrington Road, is pleased to announce the highly anticipated renovations for the property are officially underway as of November 5. The joint venture will invest in renovations to significantly update the façade, parking lot and lighting, refresh landscaping, address roof repairs and maintenance needs, and buildout vacant spaces. Completion is expected during the first quarter of 2016.
“Our goal is to elevate Hanover Square and make it an ideal place for retailers to operate their businesses and an appealing setting for consumers to visit frequently,” said Thomas Godfrey of Tobin Development. “We are thrilled to have the opportunity to reenergize the center located along the vibrant Barrington Road retail corridor.”
Hanover Square is located on 10 acres of land along the west side of Barrington Road between Lake Street (IL-20) and Irving Park Road (IL-19). The 113,740-square-foot, two-building retail center, is currently 60% occupied with tenants including Dino’s Foods, Family Dollar, a Mexican Restaurant & taqueria, and various service providers that include daycare, Tae-Kwon-Do, barber, laundromat, chiropractor, florist and vacuum repair shop. Most recently, Gymkhana, a youth gymnastics club and dance studio, signed a lease for 25,000 square feet of space and plans to move in and open its doors in the first quarter of 2016; the addition expects to bring in 2,000 additional families each week. Hanover Square currently has available spaces ranging in size from 970 square feet to 17,500 square feet.
NAI Hiffman, a third-party commercial real estate services provider, will lead the leasing efforts for the rebranded asset and manage the property.
“Our management and leasing team operate as a single entity to improve and maintain tenant satisfaction while attracting new tenants to the center,” said John Picchiotti, Chief Operating Officer with NAI Hiffman’s Brokerage Services group. “Between the prime location, forthcoming renovations, and addition of Gymkhana, Hanover Square will be a great fit for a variety of retailers, service providers and eateries. We are excited to be a part of its transformation.”
Hanover Square is within walking distance to the Hanover Park Metra Train Station, PACE bus service and offers convenient access to the Elgin O’Hare Expressway. Within a three-mile radius of the center, the average household income is $102,305 per ESRI. As part of the community’s TIF District, retailers will greatly benefit from the upgrades. Having tremendous street exposure and abundant parking with over 400 spaces, the center offers retailers a unique opportunity to service the local community.
Mentioned by The Daily Herald